Energy Companies Increase Spending in 2023 As Oil Prices Rebound

Oil and gas companies plan to increase their capital expenditure budgets in 2023 due to gains in crude oil prices, executives said in a recent Dallas Federal Reserve’s energy survey.

The majority of executives said their companies will increase their capital spending next year compared with 2022. 

Management from 148 oil and gas companies responded to this question in the survey that was conducted between Dec. 7 to 15 with 39% of executives who said the amount of capital spending would rise slightly. Another 25% estimate a significant increase while only 22% said spending in 2023 would mirror 2022 levels. Only 14% of executives said their companies expect to lower spending in 2023.

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